Top 5 Daily News- 25 Oct 2019

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India jumps 14 places in World Bank’s Index of Doing Business

India’s Rank in 2014 – 142

India’s Rank in 2019 – 63

India saw the biggest jump in ranking in “resolving insolvency” where it jumped to 52nd position from 108th position due to the introduction of Insolvency and Bankruptcy Code.

India’s rank has improved substantially in “Dealing in construction permits” from 52nd position to 27th position, and “Trading across Borders” (to 68th position from 80th position).

Rank 1 – New Zealand

Rank 190 – Somalia

M. Venkaiah Naidu to lead Indian Delegation at 18th Non-Aligned Movement Summit

Honorable Vice President of India M. Venkaiah Naidu will be leading the Indian Delegation at 18th Non-Aligned Movement Summit scheduled to take place in Baku, Azerbaijan on 25th and 26th October 2019.

The Theme for the event is “Upholding the Bandung Principle to ensure concerted and adequate response to the challenges of the contemporary world”

The 10 principles of Bandung, a political statement encapsulating the need to promote World Peace and cooperation were formulated at the Asian-African conference in 1955.

Union Cabinet Approves merger of BSNL and MTNL

The Union Cabinet approved the merger of BSNL and MTNL with a combined package of INR 70,000 crore.

Out of this total amount INR 20,000 crore will be administratively allotted for Spectrum. Sovereign Guarantee bonds will be worth INR 15,000 crores. VRS will be INR 30,000 crore, and asset monetization will be INR 38,000 crore.

The employee cost for BSNL is 75% and that of MTNL is 87% of the total income.

Government accords “Maharatna” status to Powergrid Corporation

Government has accorded Powergrid Corporation as one of the Maharatna companies.

Conditions to become a Maharatna

Having Navratna Status
Listed on the Indian Stock Exchange with minimum prescribed public shareholding under SEBI regulations.
3 years with an annual net profit of INR 2,500 Crores(earlier this number was 5000 crore)
or Average annual net worth of INR 10,000 crores for 3 years or average annual turnover of 20,000 crore for 3 years.
Should have significant Global Presence

President Ramnath Kovind lays foundation stone for Sri Sathya Sai Sanathan Samskruti Project

President Ramnath Kovind laid the foundation stone for Sri Sathya Sai Sanathan Samskruti Project in Japan at ‘Sai no Sato’ in the city of Kakegawa.

Sai no Sato will be developed as a temple on the lines of Akshardham and Swaminarayan Temples to promote Indian Culture.

PM of Japan is Shinzo Abe.

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That will be all from us in this blog, Top 5 Daily News- 25 Oct 2019. We will be back with more news and the latest updates for you. Till then please Stay Tuned to Oliveboard.

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